Editor's note: Many say LTCM (Long Term Capital Management) was the first shoe to drop in the economic crisis and foretold the things to come. This 90 minute presentation at MIT is by Eric Rosenfeld, formerly of Salomon Brothers, and talks about what went wrong at LTCM. Around 43 minutes in, he mentions the conflicts of interest for the CEO of Goldman Sachs with regards to the potential Buffett bailout.
Check out the video here.
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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage". In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia